Two-fold jump in Mahindra Satyam’s net profitAugust 10th, 2011 - 12:16 am ICT by IANS
Hyderabad, Aug 9 (IANS) Beginning the financial year on an encouraging note, software services provider Mahindra Satyam Tuesday posted a more than two-fold jump in first-quarter net profit, which stood at Rs.225.2 crore.
Beating forecasts, the company’s profit for the quarter ended June 30 compared favourably with a net loss of Rs.327 crore during the previous quarter. The profit in the same period a year ago was Rs.98 crore.
The consolidated revenue during April-June 2011 was Rs.1,434 crore, a growth of 4.3 percent quarter-on-quarter and 14.9 percent year-on-year.
The company added 2,172 employees during the quarter, taking the total headcount to 31,438. The attrition rate has improved to 17 percent, compared to 22 percent in the last quarter of FY11.
Mahindra Satyam chairman Vineer Nayyar told reporters here that the company, in its third and final year of transformation journey, is looking to capitalise on market opportunities.
The Hyderabad-based firm, formerly known as Satyam Computer Services Limited, had shocked corporate India in 2009 when its chairman B. Ramalinga Raju admitted to massive accounting fraud perpetrated over the years.
Tech Mahindra later took over Satyam and renamed it Mahindra Satyam.
Mahindra Satyam chief executive officer (CEO) C.P. Gurnani said the company was getting positioned in front of multiple market opportunities. “Our core offerings enterprise business solutions, engineering services, BPO (Business Process Outsourcing) and infrastructure management services are showing traction.”
Replying to a query on the state of the US economy, he said it could have an impact on off-shoring. He, however, was confident that in the medium-turn, it would be to the advantage of the company as large corporates in the US continue to depend largely on the market outside the US for sourcing.
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Tags: accounting fraud, attrition rate, business process outsourcing, chief executive officer, computer services limited, consolidated revenue, core offerings, corporate india, headcount, infrastructure management services, market opportunities, nayyar, quarter ended june, ramalinga, satyam computer services, satyam computer services limited, software services provider, solutions engineering, tech mahindra, vineer